The minor rallies continue to encourage, since each new one has been able to surpass at least one prior peak (labeled #1 and #2) on the daily chart. The next such challenge lies at 1294.70, where an ‘external’ peak recorded in mid-November lies. If the rally begun last Thursday from 1230.80 gets past it without an intervening correction of more than $19, that would add weight to the bullish case for the near-  and intermediate-term. Note an additional obstacle as well — a Hidden Pivot target at 1284.00. If the futures pop through it with little trouble, that would imply they’re capable of pushing past 1294.7o as well.